GTAT said in a filing with the Securities and Exchange Commission on Thursday that it was inquiring about information about the company's stock trading activities and the company's sapphire glass business.
GTAT, which supplies sapphire glass screens to mobile devices, filed a protection application with the bankruptcy court on October 6 this year, and the company did not elaborate on this. At the end of last month, GTAT sought court approval to close the company's artificial sapphire business, saying the company's cooperation agreement with Apple was "unbearable" and "heavy."
GTAT and Apple reached an agreement last November, and Apple provided $576 million in financial support to GTAT to help it produce sapphire glass. But the new iPhone, released in September this year, still uses Corning's Gorilla Glass and does not use GTAT's sapphire glass.
According to the subsequent agreement between GTAT and Apple, GTAT will be exempt from the exclusive agreement with Apple if it is approved by the court. GTAT will also be able to control the company's sapphire manufacturing patents and the manufacturing rights and ownership of the manufacturing plant in Mesa, Arizona. .
As of now, US Securities and Exchange Commission spokesman Judith Burns has not commented on this report.
Solutions <br> <br> According to the settlement agreement previously signed with Apple GTAT, GTAT sapphire material will be removed from production, in turn, provides the production of sapphire crystal devices. In addition, GTAT will close its sapphire material manufacturing facility in Mesa, Arizona and Salem, Massachusetts. GTAT will also release all exclusive agreements with Apple and will refund Apple's $439 million advance payment, but no interest payments. Apple will waive all allegations against GTAT, including claims for the company totaling more than $1 billion.
According to the agreement reached between GTAT and Apple at the time, the parties signed a confidentiality agreement. However, the bankruptcy presiding judge ruled on Tuesday that it would unblock sensitive documents involving GTAT's cooperation with Apple. The judge found that there was no reason for these documents to be kept confidential, thus abolishing the confidentiality agreement between Apple and GTAT. Before the ruling was announced, GTAT had asked to seal sensitive documents to avoid Apple's lawsuit.
As of now, GTAT spokesperson Jeff Nestel-Patt declined to comment on the report.
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